UPDATE: Iraq: OPEC+ to mull extending deal until Jun, until end of 2020

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VIENNA, Dec 4 (PRIME) -- OPEC+ participants will consider prolongation of the oil production cut agreement, including until June and for the entire 2020, Iraqi Oil Minister Tamir Gadban told reporters Wednesday.

“How OPEC and OPEC+ work – they discuss and reach an agreement. It is too early to decide whether this will be March, or July, or the entire next year – all three scenarios and options will be discussed,” he said, adding that he would prefer the deal to be prolonged for the entire 2020.

OPEC+ will also discuss Russia’s proposal to exclude gas condensate from the mechanism to set quotas under the OPEC+ oil output cut deal, the minister said.

OPEC+ meetings will be held in Vienna on Thursday and Friday.

In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July, they prolonged the deal until April 2020.

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